Polaris (NYSE:PII) Shares Gap Up After Better-Than-Expected Earnings

Polaris Inc. (NYSE:PII - Get Free Report) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $33.74, but opened at $36.23. Polaris shares last traded at $33.64, with a volume of 474,140 shares.

The company reported ($0.90) EPS for the quarter, beating analysts' consensus estimates of ($0.91) by $0.01. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Polaris had a net margin of 1.54% and a return on equity of 13.78%. Polaris's revenue was down 11.6% compared to the same quarter last year. During the same period last year, the business earned $0.23 earnings per share.

Polaris Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 7.71%. Polaris's dividend payout ratio (DPR) is currently 372.22%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PII shares. StockNews.com raised Polaris from a "sell" rating to a "hold" rating in a research note on Wednesday. Robert W. Baird dropped their price target on Polaris from $40.00 to $33.00 and set a "neutral" rating for the company in a research report on Wednesday. Bank of America cut their price objective on Polaris from $55.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Citigroup downgraded shares of Polaris from a "neutral" rating to a "sell" rating and lowered their target price for the company from $49.00 to $33.00 in a research note on Thursday, March 20th. Finally, Truist Financial cut their price target on shares of Polaris from $55.00 to $30.00 and set a "hold" rating for the company in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Polaris currently has an average rating of "Hold" and a consensus target price of $45.36.

Hedge Funds Weigh In On Polaris

Several institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC lifted its stake in Polaris by 198.1% in the first quarter. CWM LLC now owns 13,154 shares of the company's stock worth $539,000 after purchasing an additional 8,741 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of Polaris in the 1st quarter valued at about $458,000. Cerity Partners LLC lifted its stake in shares of Polaris by 25.9% in the 1st quarter. Cerity Partners LLC now owns 53,082 shares of the company's stock valued at $2,173,000 after acquiring an additional 10,906 shares during the last quarter. Alps Advisors Inc. boosted its holdings in Polaris by 7.8% during the 1st quarter. Alps Advisors Inc. now owns 73,278 shares of the company's stock valued at $3,000,000 after acquiring an additional 5,304 shares during the period. Finally, Allworth Financial LP grew its position in Polaris by 7,462.5% during the 1st quarter. Allworth Financial LP now owns 1,210 shares of the company's stock worth $50,000 after acquiring an additional 1,194 shares during the last quarter. Institutional investors own 88.06% of the company's stock.

Polaris Stock Up 2.4 %

The stock has a market cap of $1.95 billion, a P/E ratio of 17.73, a P/E/G ratio of 13.95 and a beta of 1.32. The company has a quick ratio of 0.39, a current ratio of 1.15 and a debt-to-equity ratio of 1.27. The company has a 50-day simple moving average of $39.13 and a two-hundred day simple moving average of $53.15.

About Polaris

Polaris Inc designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats.